SUBSCRIBE
PROFILE

Eni sells stakes in Africa to Vitol for $1.65 billion

Eni has entered into an agreement to sell stakes in assets in Côte d'Ivoire and the Republic of Congo to Vitol for $1.65 billion, as part of its portfolio rebalancing strategy.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25€/month*

*billed annually at 99€/year for the first year then 149,00€/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99€/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2€/month*
then 14.90€ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Eni, the Italian energy giant, has announced the sale of stakes in assets located in Côte d’Ivoire and the Republic of Congo to the Swiss trading company Vitol. This transaction, valued at $1.65 billion, involves oil and gas production projects as well as blocks in exploration, evaluation, and development stages. The sale enables Eni to adjust its upstream energy asset portfolio.

sale of stakes in the baleine project

As part of this agreement, Vitol will acquire a 30% stake in the Baleine project, located in Côte d’Ivoire. This project represents a significant portion of Eni’s investments in the region, with Eni holding a 77.25% stake. Baleine is particularly known for its oil and natural gas production, which began in August 2023, less than two years after the field’s discovery. This site is considered the largest hydrocarbon discovery in the Ivorian sedimentary basin.

acquisition in the congo lng project

At the same time, Vitol will also acquire a 25% stake in the Congo LNG project in the Republic of Congo, where Eni currently holds a 65% stake. The Congo LNG project aims to develop liquefied natural gas (LNG) production infrastructure in the region. This acquisition strengthens Vitol’s position in Central Africa, a key market for hydrocarbons.

consolidation of the eni-vitol partnership

This transaction is part of Eni’s strategy to optimize its upstream activities, particularly in exploration and production. Eni and Vitol have already collaborated on several projects in West Africa, notably in Ghana with the OCTP and Block 4 projects. This sale marks a new chapter in the partnership between the two companies, further consolidating their joint presence in the African continent.

strategic portfolio rebalancing by eni

The sale of assets in Africa forms part of Eni’s broader strategy to rebalance its portfolio. This approach allows the group to focus on its strategic priorities, including the development of other exploration projects and energy transition. The portfolio adjustment is part of Eni’s efforts to strengthen its position in priority sectors and optimize its asset portfolio.

  • Popular on energynews.pro
Washington’s shift on Chevron disrupts Venezuela’s oil economy
G7 launches over 20 projects to counter Chinese influence on critical minerals
ACWA Power signs $10bn in energy and financing deals at FII9
Washington invests $100mn to modernise coal plants as exports drop 11%
China cancels VAT rebate and reshapes the global solar market
bp divests non-controlling interests in US onshore midstream assets for $1.5 billion
BP sells non-controlling stakes in its Permian and Eagle Ford midstream infrastructure to Sixth Street for $1.5 billion while retaining operational control.
Shell secures exclusive negotiation rights on three offshore oil blocks in Angola
Angola enters exclusive negotiations with Shell for the development of offshore blocks 19, 34, and 35, a strategic initiative aimed at stabilizing its oil production around one million barrels per day.
Chad aims to double its oil production to 250,000 barrels per day by 2030
Faced with declining production, Chad is betting on an ambitious strategy to double its oil output by 2030, relying on public investments in infrastructure and sector governance.
Two SANAD Drilling Rigs to Resume Operations in Saudi Arabia by Mid-2026
The SANAD drilling joint venture will resume operations with two suspended rigs, expected to restart in March and June 2026, with contract extensions equal to the suspension period.
Dragon Oil and PETRONAS Forge Strategic Oil Exploration Agreement
Dragon Oil, a subsidiary of Emirates National Oil Company, partners with PETRONAS to enhance technical and commercial cooperation in oil and gas exploration and production.
Canadian Natural Takes Full Control of Albian Mines After Asset Swap with Shell
Canadian Natural Resources has finalized a strategic asset swap with Shell, gaining 100% ownership of the Albian mines and enhancing its capabilities in oil sands without any cash payment.
Imperial sees quarterly net income drop 56% despite record production
Canadian producer Imperial posted net income of CAD539mn in the third quarter, down year-on-year, impacted by exceptional charges despite record production and higher cash flows.
Chevron outperforms despite 21% drop in quarterly profit
The US oil giant beat market forecasts in the third quarter, despite declining results and a context marked by falling hydrocarbon prices.
Vallourec secures over 20,000-ton pipeline contract in Brazil
The French group will supply carbon steel pipelines to TechnipFMC for the offshore Orca project, strengthening its strategic position in the Brazilian market.
ExxonMobil hit by falling prices despite record output in Guyana
The American oil major saw its revenue decline in the third quarter, affected by lower crude prices and refining margins, despite record volumes in Guyana and the Permian Basin.
Gabon signs deepwater oil exploration deals with BP and ExxonMobil
Gabon strengthens its oil ambitions by partnering with BP and ExxonMobil to relaunch deep offshore exploration, as nearly 70% of its subsea domain remains unexplored.
Bulgaria halts fuel exports to EU after sanctions on Lukoil
Sofia temporarily restricts diesel and jet fuel exports to safeguard domestic supply following US sanctions targeting Lukoil, the country’s leading oil operator.
Lukoil sells its African oil assets to Gunvor under pressure from US sanctions
Swiss trader Gunvor will acquire Lukoil’s African stakes as the Russian company retreats in response to new US sanctions targeting its overseas operations.
Amapá hosts strategic oil complex with Petrobras and Transpetro
An agreement between Transpetro, Petrobras and the government of Amapá provides for the construction of an industrial complex dedicated to oil and gas, consolidating the state's strategic position on the Equatorial Margin.
Phillips 66 posts adjusted earnings of $1.02bn in third quarter
The US company reported adjusted earnings of $1.02bn between July and September, supported by the refining and chemicals segments despite a drop in net income due to exceptional charges.
Repsol posts 34% profit drop over nine months despite UK operations
The Spanish oil group reported a net profit of €1.18bn over the first nine months of 2025, hit by unstable markets, falling oil prices and a merger that increased its debt.
Shell posts higher quarterly profit and launches $3.5bn share buyback
The British group’s net profit rose 24% in Q3 to $5.32bn, supporting a new share repurchase programme despite continued pressure on crude prices.
TotalEnergies and Shell boost profits despite falling oil prices
Third-quarter results show strong resilience from European majors, supported by improved margins, increased production and extended share buyback programmes.
Global petrochemicals market to reach $794 billion by 2034
Driven by industrial demand and production innovations, the global petrochemicals market is projected to grow by 5.5% annually until 2034, reaching a valuation of $794 billion.
CNOOC records 6.7% production increase over nine months despite Brent price decline
CNOOC Limited announced continued growth in oil and gas production, reaching 578.3 million barrels of oil equivalent, while maintaining cost control despite a 14.6% drop in Brent prices.

All the latest energy news, all the time

Annual subscription

8.25€/month*

*billed annually at 99€/year for the first year then 149,00€/year ​

Unlimited access - Archives included - Pro invoice

START - 99€/year

Monthly subscription

Unlimited access • Archives included

5.2€/month*
then 14.90€ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.